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Category: FDI

July 14, 2021 / Audit

NEW RELIEF FOR DEVELOPERS IN HARYANA AS RULE 49A

NEW RELIEF FOR DEVELOPERS IN HARYANA AS RULE 49A Earlier, on 12th August 2014 the Haryana State Government, issued a notification No. S.O. 89/H.A.6/2003/S.60/ 2014, for introducing composition scheme specifically for the builders engaged in the construction activities and inserted Rule 49A for the lump sum payment of VAT by the builders. Although, prior to …

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July 14, 2021 / Audit

CORPORATE UPDATE FOR THE MONTH

CORPORATE UPDATE FOR THE MONTH:   Wal-Mart’s India sales go south by 32% in 2014 Sep 28, 2015 The Indian unit of Wal-Mart Stores Inc, the world’s largest retailer, posted its first ever sales decline after parting ways with key client Bharti Retail and halting store expansion amid an ongoing internal probe into alleged corrupt …

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July 14, 2021 / Audit

CORPORATE TAX UPDATE FOR THE MONTH

Corporate tax Update for the Month : Company Law: Query: Is sitting fees payable to a director who participates in a meeting through video conferencing? Answer: Yes, sitting fee is payable to a director who participates in a meeting through any of two modes viz. in person or through video conferencing or any other audio visual means. …

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May 2, 2024 / Accounting Services

POLICIES, PROCEDURE & LEGAL FRAMEWORK – FOR FDI IN INDIA

POLICIES, PROCEDURE AND LEGAL FRAMEWORK – FOR FOREIGN DIRECT INVESTMENT IN INDIA India is one of the fastest growing economies since last few years and witnessed a large amount of foreign investment in various sector. The government has formulated its Policy aiming towards attracting more and more funds considering the domestic business concerns simultaneously. This article …

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June 25, 2023 / FDI

M&A MORE “SECURE” ON MAKING FDI IN INDIA INFLOWS

IMPLICATIONS – M&A MORE “SECURE” ON MAKING FDI IN INDIA INFLOWS According to a press report, joining a gamut of nations, the Indian government is considering a sweeping review of its FDI guidelines “following increasing risk of terror funds being parked in the country and other investments being fraught with security implications.” Justifying its stance …

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October 13, 2020 / FDI

INDIA OPENED ECONOMY THROUGH FDI IN MULTI-BRAND RETAIL

INDIA OPENED ECONOMY THROUGH FDI IN MULTI-BRAND RETAIL The much awaited news arrived on a Friday, hopefully, ending a protracted controversy. The Indian Government opened its economy to FDI in multi-brand retail on September 14, 2012, subject to specific conditions. At the end of 2011, the Cabinet had approved a proposal to introduce FDI in …

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October 13, 2020 / FDI

THE SCOPE OF FDI IN AVIATION SECTOR

THE SCOPE OF FDI IN AVIATION SECTOR   The Cabinet Committee of Economic Affairs (“Committee”) on September 14, 2012 approved the proposal of Department of Policy and Promotion (“DIPP”) for permitting foreign airlines to make Foreign Direct Investment (“FDI”) in the aviation sector. Once the proposal is implemented, the prevailing restriction on foreign airlines from …

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August 24, 2024 / Audit

Book adjustment can’t be deemed as contravention 269SS/269T

Mere book adjustment can’t be deemed as contravention of Sec. 269SS/269T Section 271D, read with sections 271E, 269SS and 269T, of the Income-tax Act, 1961 – Penalty – For failure to comply with section 269SS (Book adjustment) Making book adjustment of funds by assessee firm with sister concern without making payment of cash, could not …

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July 14, 2021 / DTAA

Section 37(1) of the Income-tax Act, 1961 – Business expenditure – Allowability of Compensation

AO couldn’t question reasonableness of business exp. when its genuineness wasn’t doubted. Where assessee made payment of compensation to CCL, a foreign company, for premature termination of Toll Manufacturing Agreement (TMA) entered into between parties, said payment being directly having nexus with business activity of assessee, was to be allowed as deduction under section 37(1) …

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